topic Re: Range Resources 1099 MISC form in Get your taxes done using TurboTax

Range Resources 1099 MISC form

rweyand0521 — Mon, 27 Mar 2023 23:08:40 GMT

I have 1099Misc form from range resources for O&G lease (They list amount in box 1 of the form) RENT. Turbo tax thinks I have a rental property. Can someone please tell me where and how do I enter this income properly? I don't consider this a rent, and its not a lease, it is more of a bonus.

thanks

Re: Range Resources 1099 MISC form

Vanessa A — Mon, 27 Mar 2023 23:21:54 GMT

If you are receiving royalties from and Oil and Gas lease it is considered royalty income. It is reported on Schedule E as royalty income. So it sounds like it is being reported properly.

"Royalties from copyrights, patents, and oil, gas and mineral properties are taxable as ordinary income.

You generally report royalties in Part I of Schedule E (Form 1040 or Form 1040-SR), Supplemental Income and Loss." Taxable and Nontaxable Income

Re: Range Resources 1099 MISC form

Bozz-is-well — Mon, 27 Mar 2023 23:30:01 GMT

Okay. you imput your info in the business expenditures section for 1099- MISC, and 1099 NEC, and 1099K etc. Don't use the word rent. Try using the word Lease or Abbr., LS, OFP, (Other Forms of Payment),

Re: Range Resources 1099 MISC form

rweyand0521 — Tue, 28 Mar 2023 00:57:24 GMT

This is not a royalty.

Re: Range Resources 1099 MISC form

LindaS5247 — Tue, 28 Mar 2023 01:22:16 GMT

List it as "other income payments".

Click here for information on Forms 1099-MISC.